Singapore legislation

Regulation 22

of Insurance (Corporate Governance) Regulations 2013

Regulation 22

Determination of independence by Board

Subregulation 1

Where a person is proposed to be appointed as a director of a Tier 2 insurer, prior to his appointment, the Board of the insurer —

(a)

shall determine —

(i)

whether he is independent from management and business relationships with the Tier 2 insurer; and

(ii)

whether he is independent from any substantial shareholder of the Tier 2 insurer,using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 23; and

(b)

shall maintain a record of its determination.

Subregulation 2

Prior to every annual general meeting of the Tier 2 insurer, the Board —

(a)

shall determine —

(i)

whether each existing director is independent from management and business relationship with the Tier 2 insurer; and

(ii)

whether each existing director is independent from any substantial shareholder of the Tier 2 insurer,using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 23;

(b)

shall review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 21(3); and

(c)

shall maintain a record of its determination and its assessment, respectively.

Read in full context — Insurance (Corporate Governance) Regulations 2013 →